行 业 及 产 业 交通运输/ 《航司国内国际航线结构继续优化，国内 运力投放下降——航空行业 3 月数据点 评》 2025/04/17 《受"春运错位"影响，航空运力同比下 降—— 航空行业 2 月数据点评》 2025/03/20 《1 月春运启动，航空旅客运输量同比双 位数增长—— 航空行业 1 月数据点评》 2025/02/18 证券分析师 闫海 A0230519010004 yanhai@swsresearch.com 罗石 A0230524080012 luoshi@swsresearch.com 研究支持 郑逸欢 A0230124010001 zhengyh@swsresearch.com 刘衣云 A0230524100007 liuyy@swsresearch.com 航空机场 行 业 研 究 / 行 业 点 相关研究 联系人 郑逸欢 (8621)23297818× zhengyh@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 05 月 16 日 航司运力运量同比增长，国际市场 持续恢复 看好 ——航空行业 4 月数据点评 本期投资提示： 评 证 ...

Investment Rating - The industry investment rating is "Positive" [4] Core Insights - The domestic airline industry has shown a significant improvement in passenger load factors during the off-peak season, with a year-on-year increase of approximately 3.2% in April [2][28] - Spring Airlines has notably increased its capacity for domestic routes, with a year-on-year growth of 11.2% in April, indicating a strategic shift in focus towards domestic operations [2][20] - The overall capacity for domestic routes increased by 2.3% year-on-year, while international routes saw a substantial capacity increase of 26.5% year-on-year, primarily due to a low base from the previous year [3][50] Summary by Sections Domestic Routes - In April, the overall capacity for domestic routes among listed airlines remained stable compared to March, with a year-on-year increase of 2.3% [12][17] - Major airlines showed little change in capacity, but Spring Airlines significantly increased its domestic capacity, while Juneyao Airlines reduced its domestic capacity by 10.3% due to a shift towards international routes [2][13] - The overall passenger load factor for domestic routes improved by 0.8 percentage points month-on-month and by approximately 3.2 percentage points year-on-year, indicating a better supply-demand relationship [28][35] International Routes - The capacity for international routes increased by about 26.5% year-on-year in April, with a month-on-month increase of 3.6% [3][50] - The passenger load factor for international routes improved by 1.4 percentage points month-on-month and by 1.0 percentage point year-on-year, slightly exceeding expectations [3][50] - The report maintains a cautious outlook for international routes, anticipating continued pressure due to supply constraints from domestic route management [3][50] Airport Throughput - Major airports reported significant year-on-year increases in international passenger throughput, with Shanghai and Shenzhen airports showing growth rates of 24% and 38%, respectively [58][63] - Compared to 2019, international throughput at these airports has also shown recovery, with Shenzhen airport achieving 120% of its 2019 levels [58][63]

Group 1 - Feilong Co., Ltd. received a project designation notification letter from a well-known domestic automobile brand, becoming a supplier for a water-side thermal management module, with expected sales revenue during the lifecycle meeting disclosure standards [1] - Hanchuan Intelligent's controlling shareholder received a warning letter from Jiangsu Securities Regulatory Bureau for failing to timely disclose a share pledge contract, which may affect the company's control and stock price [2] - Vanke A completed the redemption of the "20 Vanke 04" corporate bonds, with a redemption amount of 1.5 billion yuan and interest payment of 51.75 million yuan [3][4] Group 2 - China Shenhua reported a 4% year-on-year decline in coal sales volume for April, totaling 35.6 million tons, and a 3.9% decrease in commodity coal production [5] - Shaanxi Black Cat plans to increase capital by 600 million yuan for its wholly-owned subsidiary Xinjiang Black Cat Coal Industry to enhance its capital strength [6][7] - China National Aviation reported an 8.6% year-on-year increase in passenger turnover for April, with a 5.3% increase in passenger capacity [8][9] Group 3 - Huabei Pharmaceutical's subsidiary received approval for clinical trials of a recombinant tetanus vaccine, which is a new generation vaccine with better safety and immunogenicity [10] - China Chemical's subsidiary received a lawsuit notice related to a securities false statement liability dispute [11] - China Metallurgical Group reported a 24.9% year-on-year decline in new contract value for January to April, totaling 308.4 billion yuan [13] Group 4 - Zhongmei Energy reported a 5.8% year-on-year decline in commodity coal sales for April, totaling 21.1 million tons [14] - Huangma Technology announced a plan to reduce holdings of up to 6.26 million shares due to personal funding needs [15] - Aiyingshi proposed a cash dividend of 2.53 yuan per 10 shares for the fiscal year 2024 [16] Group 5 - Shengyi Technology's executives plan to reduce their holdings by a total of 1.49 million shares [17] - CanSino's inhaled tuberculosis vaccine received clinical trial approval in Indonesia [18] - Beidouxingtong completed the acquisition of 51% of Shenzhen Tianli Automotive Electronics Technology Co., Ltd. [19] Group 6 - Spring Airlines reported a 12.29% year-on-year increase in available capacity for April, with a total of 4.73 billion ton-kilometers [20] - Dongya Pharmaceutical's raw material drug received registration certification in South Korea [21] - Shandong Steel plans to establish a sales subsidiary with a registered capital of 20 million yuan [22] Group 7 - Caida Securities appointed Hu Hengsong as the executive vice president [23] - Aibulu's vice president resigned due to personal career planning [24] - *ST Jinguang's stock price surged amid a warning of delisting risk [25] Group 8 - Yunnan Energy Investment plans to implement a 600,000 tons/year salt production energy-saving and carbon reduction project with a total investment of 448 million yuan [27] - Hanyu Group's executives plan to reduce their holdings due to personal funding needs [28] - Jiangsu Boyun's shareholders plan to reduce their holdings by up to 971,300 shares [29] Group 9 - Hainan Airport signed a cooperation agreement with Harbin Institute of Technology (Shenzhen) to establish a joint laboratory [32] - Xiamen Tungsten New Energy plans to acquire 47% of Ganzhou Haopeng Technology Co., Ltd. [33] - Dongfang Materials announced a change in controlling shareholder due to judicial auction of shares [34] Group 10 - Jingyuan Environmental Protection's executives plan to reduce their holdings by a total of 1.176% of the company's shares [35] - China Pacific Insurance reported a 10.4% year-on-year increase in original insurance premium income for the first four months [36] - ST United is planning a major asset restructuring and has suspended trading [37] Group 11 - *ST Suwu's chairman received a notice of investigation for suspected information disclosure violations [39] - Huagong Technology's subsidiary plans to establish a joint venture [40] - Qibin Group terminated the purchase of 28.78% equity in its subsidiary [41] Group 12 - Huakang Clean signed a construction contract worth 143 million yuan with Dengfeng City General Hospital [42] - Kanghong Pharmaceutical received approval for clinical trials of a drug for postpartum depression [43] - Shengjing Micro plans to repurchase shares worth between 30 million and 50 million yuan [44] Group 13 - Shenghe Resources' subsidiary plans to acquire 100% of Peak Rare Earths Limited for 158 million Australian dollars [45] - Sinopec's controlling shareholder increased its stake by 302 million H-shares, amounting to HKD 1.232 billion [46] - Mingyang Circuit plans to repurchase shares worth between 15 million and 25 million yuan [47] Group 14 - China Oil Engineering's subsidiary won a project in Iraq worth approximately 11.538 billion yuan [48] - Chaojie Co., Ltd. announced the termination of a share transfer agreement [49]

截止本月末，公司共运营 131 架空客 A320 系列飞机。 | 机型 | 自购 | 经营租赁 | 小计 | | --- | --- | --- | --- | | A320ceo | 50 | 25 | 75 | | A320neo | 32 | 12 | 44 | | A321neo | 11 | 1 | 12 | | 合计 | 93 | 38 | 131 | 证券代码：601021 证券简称：春秋航空 公告编号：2025-026 春秋航空股份有限公司 2025 年 4 月份主要运营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 春秋航空股份有限公司（以下简称"公司"）2025 年 4 月份主要运营数据情 况如下： 一、本月机队情况 本月无新增飞机。 特此公告。 春秋航空股份有限公司董事会 二、本月主要新增航线情况 本月新增航线：大连=太原（周 246）、沈阳=盐城=重庆（周 246）、南京=大 阪（天天班）。 三、本月运营数据主要情况 | 指标 | | 当月数据 | 环比 | 同比 | 当年累计 | 同比 | ...

Core Points - Spring Airlines has launched an innovative service allowing pets in the cabin, starting from May 20, with a trial on the Shanghai-Harbin route [1] - The pet-friendly seating area includes a three-seat configuration, allowing owners to monitor their pets during the flight, addressing anxiety issues for both pets and owners [1] - The one-way pet ticket is priced from 999 yuan, excluding fuel fees [1] Company Details - The pet-friendly seating area is designed to create a safe and independent space for pets, with physical barriers separating them from other passengers [1] - Each flight can accommodate a maximum of four pets, with each traveler allowed to bring one pet, ensuring a close companionship during the journey [1] Safety Regulations - Travelers with pets must prepare necessary documents, including an animal quarantine certificate and vaccination proof, and use compliant hard-shell pet carriers [2] - The dimensions of the pet carrier must not exceed 61×45×32 cm, and the total weight with the pet must not exceed 14 kg [2] - The pet carriers must adhere to a "double-lock double-protection" standard to ensure safety during the flight [2]

上月15日，2025年"引客入克"暨沪克航旅推介会在上海成功举办，克拉玛依将增开两个航班：东方航空 在克拉玛依古海机场改扩建完成后适时开通上海—克拉玛依直航航班；春秋航空将开通兰州—克拉玛依 直航航班。 2023年7月2日14时52分，首趟从克拉玛依古海机场执飞的东方航空MU6296航班腾空而起，经西安飞往 上海。克拉玛依融媒记者 崔文娟 摄 至此，克拉玛依已构建起14条航线的"空中走廊"，覆盖北京、上海、乌鲁木齐等疆内外18个重点城市， 西安、成都等城市日均往返可达2至3次。 十年风雨同舟共济，十载耕耘硕果盈枝。2025年恰逢沪克携手十年的重要节点，也是两地精心策划并推 进"引客入克"暨沪克航旅推介会连续举办的第三年。 时针回拨至2015年，当第一批上海援克团队到达克拉玛依时，彼时的克拉玛依仅有北京、成都两条疆外 航线。 在沪疆两地党委、政府的坚强领导下，上海援克前方指挥部按照克拉玛依市委、市政府的总体工作部 署，以"航线破局"为突破口，不断牵头与东方航空、南方航空、春秋航空等航空公司达成合作，历时十 年织就了覆盖长三角、珠三角、中原地区等经济带的"空中经纬"，促使"油城"开始向着"游城"转型。 2023年 ...

各位早上好今天是5月14号星期三欢迎来到又一期的摩根士丹利周期论鉴我是中国基础材料行业的分析师David徐卓凡那么在开始之前我要例行先读一个disclaimer请注意本会议仅面向摩根士丹利的机构客户以及财务顾问本会议不对媒体开放如果您来自媒体尽请推出本次会议随后与我们联系了解进一步详情 请注意本次会议的内容和您的问题可能会被录音那在今天的webcast呢我们首先由交易行业的首席骞雷和大家分享一下上周非常火爆的ChinaFest会议的小节包括这个春秋顺丰和G2等公司 接下来我们由地产行业的首席Stefan和我们聊一下房地产取消预售制度可能对地产开发商以及物管的前瞻风险最后保险业的分析师Rick会做一些近况的更新以及对二季度保险的一个展望那么在会议过程中您可以随时在屏幕左方的提问消息框里向我们发送您的问题 不多做赘述现在我们把时间先交给倩蕾谢谢大家好我是倩蕾那我就给大家讲一下就是我们上周开China VICE会议包括之前也是一级报其实是在4月底集中的这个出完了给大家讲一下就是我们从这个 易记报和ChinaBank会议之后所了解到的一些行业的新的变化吧我觉得比较着重可以提醒大家的是航空因为我们觉得航空跟市场聊下来还 ...

Summary of Key Points from Conference Call Industry Overview - The conference call covers the **aviation**, **real estate**, and **insurance** industries in China. Aviation Industry Insights - Domestic and international ticket prices have achieved mid-single-digit growth, with long-haul routes, especially to Europe and Australia, exceeding 2019 levels. However, ticket prices for routes to Thailand have decreased due to earthquake impacts, while Japan's route saw a drop in prices due to increased capacity but maintained high revenue. South Korea's route showed stable passenger load factors and ticket prices [1][3] - Spring Airlines is exploring a new pricing model where tickets are sold at lower prices in advance during peak seasons, gradually increasing prices to avoid last-minute price drops and enhance customer satisfaction, potentially becoming a common strategy for future peak seasons [1][5] - A new trend in cooperation between airlines and OTAs (Online Travel Agencies) is emerging, such as Eastern Airlines' app allowing the purchase of tickets from other airlines and providing flexible transfer services on the Beijing-Shanghai route, enhancing ticket purchasing convenience and operational efficiency [1][6] - Airlines are encouraged to strengthen cooperation to rationally allocate capacity and maintain reasonable ticket prices to combat losses from price competition during off-peak seasons. Despite concerns over demand, exchange rates, and oil prices, leisure demand remains stable [1][9] - Supply-side tensions in the aviation industry are attributed to delays in aircraft deliveries and maintenance capacity bottlenecks, with material shortages affecting effective supply. If demand remains strong, a price turning point is imminent [1][10] Real Estate Industry Insights - The real estate market in April showed rapid weakening, with both transaction volume and prices declining, particularly in the secondary housing market, where prices fell by 1.7% month-on-month. The market is expected to deteriorate further in the coming months due to declining visitor numbers and a lack of supportive policies [1][4][17] - Morgan Stanley has pushed back its forecast for the domestic residential market to bottom out until the second half of 2026 or early 2027, citing high tariff risks, weakened policy support, and deteriorating leading indicators [1][25] - The cancellation of the pre-sale system for real estate could slow developers' asset turnover rates, increase liquidity risks, and raise leverage ratios, negatively impacting the long-term stability of the real estate industry [1][13] - Recommendations for investors include focusing on high-quality state-owned developers like China Resources Land, which has a strong balance sheet and operational capabilities, and potential high dividend yield stocks like Jianfa International [1][19] Insurance Industry Insights - The insurance industry's liability side showed continued improvement in Q2, with a shift towards participating insurance products. The overall trend indicates a V-shaped recovery in the liability side, with product structures gradually optimizing [1][20] - The investment side of the insurance industry turned positive in Q2, with most companies achieving positive returns on equity investments despite a slight decline in interest rates [1][21] - Recent regulatory focus on insurance capital markets has created opportunities for high-dividend stocks, with some companies improving their solvency ratios through asset reclassification [1][22] - The overall market sentiment in the insurance industry is improving, with stable interest rates and good sales performance expected in Q2 2025, although traditional insurance rates may see a decline [1][23][24]

2024年，中国国航、南方航空、中国东航、海航控股、春秋航空、吉祥航空、华夏航空共实现营业收入5870.26亿元，同比增长13.63%；实现净利润-36.25亿元，同比增长67.24%。 具体来看，国航、南航、东航和海航四大航司均处于亏损，而华夏航空、吉祥航空与春秋航空三家民营航司实现盈利。其中，东航归母净利润-42.3亿，在7家航司中亏损最多，春秋航空归母净 从净利率数据来看，春秋航空表现最为出色，净利率达到 11.36%，吉祥航空和华夏航空也有较好表现，分别为 4.14% 和 4.00%。南方航空、中国国航、海航控股和中国东航净利率分别为- 在销售费用率方面，春秋航空最低，为 1.25%，这表明其在销售环节的成本控制较为有效。中国东航销售费用率相对较高，达到4.18%，相比2023年继续增加39个百分点，位列四大航之首。 管理费用率上，各航司差异相对较小，海航控股最低，为 1.83%，华夏航空最高，为 4.04%。 专题：新浪财经上市公司研究院 出品：新浪财经上市公司研究院 作者：昊 截至4月30日，A股7家上市航司均已披露2024年年报。 财务费用率方面，华夏航空和海航控股较高，分别为 9.46% 和 ...

专题：新浪财经上市公司研究院 作者：昊 近期，7 家上市航空公司2024年年报陆续出炉。作为民航的核心业务，市场对各家航司的客运业务和整体运营效率情况颇为关注。 2024年，中国民航客运经济舱平均票价同比下降超过10%，国际客运航班的恢复率仅为疫情前的84%。此外，航空公司还需应对高铁竞争加剧、油价和汇率 波动等不利因素。 客座率是反映客运收入能力的收入客公里与反映客运运力供给规模的可用座位公里的比值，也是衡量航空公司客运业务效益的重要指标，反映了飞机座位的 利用程度。 在几家航司中，春秋航空以91.49%的客座率拔得头筹，显示出其强大的市场吸引力和高效的运营能力。吉祥航空和南方航空也表现不俗，客座率分别为 84.62%和84.38%，处于行业较高水平。 相比之下，华夏航空和中国国航的客座率均低于80%，分别为79.61%和79.85%，位列最末两位。 值得注意的是，华夏航空客座率较低可能与其航线布局有关，其更多专注于支线航空市场，支线市场客源相对分散，市场培育难度较大，导致客座率提升面 临挑战。 出品：新浪财经上市公司研究院 而中国国航作为大型航司，特别是今年一季度以80.2%的客座率，垫底各家航司，令市场 ...